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Ratling [72]
3 years ago
12

An oligopoly firm is similar to a monopolistically competitive firm in that both firms face the prisoner's dilemma. both firms a

re in industries characterized by an interdependent firm. both firms have market power. both operate in a market in which there are significant entry barriers.
Business
1 answer:
DerKrebs [107]3 years ago
8 0
An oligopoly firm is similar to a monopolistically competitive firm in that BOTH FIRMS HAVE MARKET POWER.
Market power refers to the ability of a company to increase and maintain price above the level that would prevail under competition. When market power is exercised, it usually leads to reduced output and loss of economic welfare. 
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